The time lag from final approval to closing varies from deal to deal. Since there is no outside financing involved, and Berkshire has the cash ready to go, I would not be surprised if the deal closed within 48 hours of getting approval from China (and maybe the same day). In my experience transmitting shares from broker to charity take several days (often a week or two), so I would donate the shares now rather than waiting for final approval from China (unless you can make arrangements ahead of time that will let you transfer the shares very quickly). Most charities have a policy of selling donated stock as soon as they receive it. So if you donate your PCP now the value of the shares (and your tax deduction) will be about $232/sh rather than the deal price of $235. I'd suggest talking to your broker and/or the charity to get their thoughts on how to best accomplish your goals. Congrats on your long-term gain!
We now have $16.50 - Carl increased his bid Friday night. Back in Bridgestone's court. So far it seems like they've been unable to work together on a bid. Good for shareholders who have stayed long.
Carl Icahn is responsible for the recent price bump (above $15.00). He bought 6+ million shares (12%) the last two weeks and is looking to combine PBY with Auto Plus (which he wholly owns). The fun begins. Now trading at $17.00 in the after-hours market - I'm glad I didn't sell all my shares.
Pretty peculiar price behavior given the $15.00/sh cash buyout. It looked like about 2M shares were short, but over 6M shares traded today. A higher offer seems unlikely given the public nature of the bidding process. But it seems that the shorts could have covered by now. Anybody know what's going on?
Bridgestone outbid Pirelli to acquire Firestone in 1988. I don't know about any potential name changes for PBY. Yes, $15 is about what was expected (although I would have taken more!).
Bridgestone wins the bidding at $15.00/share. The deal took longer than I expected - but Gabelli got a deal done and finishes with a good return. Any ideas on what to roll a PBY position into?
Well, the deal didn't close in Q2. It seems that D.C. is taking their time. Interesting how D.C., with one tenth the population of MD is able to hold up the deal. Does anyone have any insight into what's happening?
It was extended again, till tonight. They finally got their approvals this week. Likely to close either tomorrow or early next week. Where are people reinvesting their proceeds from the sale?